Scarborough Group Disposes of Admiral Building in Newport for £20 million Posted: 16th Oct 2014
Scarborough Group International, the UK and international real estate investor and developer, in partnership with Investec Bank, has completed the sale of its newly constructed 80,644 sq ft office building let to Admiral Group in Newport, Wales, for approximately £20 million, to Global net-lease REIT, W.P. Carey.
The office building is well situated opposite Newport’s railway station, and alongside the Western Main Line, which connects London with Newport and the rest of South Wales. The asset was developed by Scarborough and its funding partner Investec as the first phase of the ‘Station Quarter’ scheme.
Scarborough achieved planning consent in April 2012 for the first phase of Station Square, its redevelopment of the former Cambrian Centre. This phase comprised the 80,644 sq ft of office accommodation, designed for Admiral, and 28,000 sq ft of retail and leisure space, parking for 290 cars and a new public plaza.
Scarborough secured a 20-year lease with Admiral which selected the site for the expansion of its business. The construction of the Grade A office building was completed in May 2014.
Simon McCabe, Managing Director of Scarborough Group International, said: “The sale of the Admiral Building to W.P. Carey is a very successful outcome for the first phase of the Station Quarter development and also forms a crucial part of the on-going transformation of the centre in Newport. We have achieved our objective of creating a first class building for Admiral and for Newport. We are now focusing our efforts on advancing plans for the second phase of the redevelopment which has a bigger retail and leisure focus.”
Jennifer Lucas, Executive Director of W. P. Carey, commented: “The transaction with Scarborough is consistent with our investment strategy of acquiring critical assets leased on a long-term basis to strong credit tenants and demonstrates our ability to provide liquidity to developers and owners of attractive net leased assets. Admiral is a well-capitalised business with a long term commitment to the facility and we are delighted to add the Company to our tenant portfolio. Given the UK’s status as the second largest European economy with good growth forecasts, we are pleased to add another UK asset to our holdings.”
Huw Llewellyn, Head of Property and Facilities Management for Admiral Group said: “We are delighted to have secured this 20 year lease of our new office building in Newport and look forward to working with W. P. Carey as our landlord and long-term partner.”
McCabe’s Esplanade International opens its first Espuma Coffee House in Hong Kong Posted: 2nd Jul 2014
The McCabe family’s Esplanade Group (Scarborough)
International Ltd (“Esplanade”) via its long established company in the Far
East – Scarborough Holdings Ltd (“SHL”) today opened its first Espuma Coffee
House in the Kowloon district of Hong Kong.
Espuma is the branded name for SHL’s venture into the
distribution of coffee throughout the Far East coupled with the planned
expansion of Coffee Houses in Hong Kong and selected cities within the People’s
Republic of China
(PRC). SHL’s subsidiary ScarNov Coffee Ltd
(“ScarNov”) a joint venture with Cafè Novell (“Novell”) from Barcelona, Spain
was established in 2013 and brings the experience of the Novell business
founded in 1958 to source import, select, roast and distribute the very best
The new Coffee Shop in Tsim Sha Tsui accommodates some 80
plus seats within a modern tastefully themed 3,000 sq ft shop area in one of
Hong Kong’s most popular suburbs.
ScarNov will open its first Espuma venue in PRC during autumn
2014 at Mission Hills, Haikou, Hainan.
The 10,000 sq ft shop over two levels is within the Lan Kwai Fong area
of this futuristic development due for completion in the coming months. A second Coffee House within the adjoining Movie Town
district of Mission Hills is being considered.
SHL’s plans are to carefully select PRC cities well known
to them to develop and open in excess of 100 Espuma venues within the next five
year and to eventually seek a listing for ScarNov on either the Hong Kong or
Shenzhen Stock Exchange.
ScarNov is undertaking its research and establishing
contacts for its coffee distribution not only for PRC but also South Korea, Japan and other principal Asian
Susan Tham – Chief
Executive Officer of SHL said: “We
worked for more than two years in seeking a well qualified European partner who
knows the coffee business inside out. In
Dolors Novell, her father, family members and colleagues we have found an ideal
partner to make ScarNov a unique company here in the Far
East. Coupling Cafè
Novell’s experience with that of SHL – who have been operating in Hong Kong, China
for well over ten years – should bring expansion and success for us 2014 and
Dolors Novell –
Chief Executive Officer of Cafè Novell said: “Meeting and spending time with Susan Tham
and other members of Scarborough and SHL both in Barcelona,
Hong Kong and China
since mid-2013 has created a trusted and well founded relationship which we are
confident will see progress and success for both the Espuma and distribution
business of ScarNov.”
McCabe’s Scarborough agrees international joint venture for £600 million residential schemes in Manchester Posted: 2nd Jul 2014
The McCabe family’s Scarborough Group International ("Scarborough"), the UK and international real estate investor and developer, has secured funding for two major residential developments on the edge of Manchester from two publicly-listed Far Eastern property groups. The gross development value for the two schemes is around £600 million.
Scarborough has entered into a joint venture with Top Spring International Holdings Limited, a Hong Kong-listed real estate developer in the People’s Republic of China and Metro Holdings Limited, a Singapore-listed property development and investment group to develop Scarborough’s sites at phase II of Milliners Wharf, a canal side development in New Islington, Manchester, and Middlewood Locks, a 23.6 acre site at the western gateway of Manchester and centred around the former Manchester Bolton & Bury Canal.
Top Spring and Metro are making their first investments in the UK real estate market and will each hold 25% of the joint venture, with Scarborough retaining the 50% balance.
Phase II of Milliners Wharf, which has a gross development value of £30 million, branded "the Hat Box" will, on completion, provide 144, studio, one, two and three-bedroom luxury apartments in an eight storey building, on the Ashton Canal, having easy access to Manchester’s city centre. Construction is to commence in summer 2014 with completion expected during 2016.
Phase I of the Milliners Wharf scheme, acquired by Scarborough in 2010 and comprising 261 apartments is almost fully sold at prices between £100,000 and £250,000.
Middlewood Locks, which has a gross development value of £575 million, is planned to provide a vibrant new neighbourhood with up to 2,000 new homes along with mixed commercial uses including offices, shops, delis, restaurants, a convenience store, nursery and gym.
There will be a mix of apartments and houses available to help cater for a wide mix of occupiers from first time buyers, families to ‘empty nesters’. The homes will be designed in a way to make the most of the landscaping incorporating private and public spaces. Part of the landscaping strategy is to connect the green spaces with the canal, incorporate a woodland theme and an adventure playground to accommodate the new community.
The site already has an outline planning consent for 2.6 million sq ft of residential-led, mixed-use development, but an additional 2.6 acre section of the site acquired recently is expected to increase the gross development area, once outline planning consent has also been granted for this additional section. Over the course of 2014, Scarborough will be bringing forward its development plans to accommodate a start on site of phase 1, during the first half of 2015.
Kevin McCabe, Chairman of Scarborough, said: "I have known and worked with the Directors and management teams of Top Spring and Metro for many years through Scarborough’s extensive activities in China, and have the utmost respect for them.
"They are as excited as we are to be developing high-quality, new homes in one of the UK’s most vibrant, cosmopolitan and progressive regions. There is very strong demand for housing in the central Manchester area
and, as in many parts of the UK, a shortage of supply, so we are confident that both our projects will be well received".
Mr. Chun Hong Wong, Chairman and CEO of Top Spring, commented: "We have worked extensively with Scarborough in the People's Republic of China, over the last ten years, and are pleased to be continuing our partnership with them in the UK, along with Metro, to deliver two high-quality residential developments in an area of the UK where there is a shortage of good-quality housing supply".
Lt-Gen (Retd) Winston Choo Wee Leong, Chairman of Metro Holdings, added: "These Manchester projects are Metro's first foray into the UK real estate market, and with the Manchester residential market being particularly dynamic, we are confident that this investment will be a huge success.
"We are extremely pleased to be partnering with the Scarborough Group, a long-term trusted partner of both Top Spring and Metro, and a respected and experienced developer".
SCARBOROUGH GROUP JV OPENS NEW OUTLETS IN HONG KONG AND CHINA Posted: 5th Jun 2014
Scarborough Group International (Scarborough) announces that ScarNov Coffee Group, a joint venture company between Scarborough and Cafés Novell, the Barcelona based coffee company, has signed leases for its two new Espuma Café branded coffee shops/restaurants in Mission Hills Haikou, Hainan in the Peoples’ Republic of China.
Espuma Limited was established in January 2014 to open a chain of coffee shops across Asia to cater for the growing demand for coffee from both locals and visiting foreigners. The company’s first outlet in the region is located in the busy commercial and tourist area of Tsim Sha Tsui in Hong Kong, and is due to open at the beginning of July this year.
Haikou is home to the world’s second largest golf resort, with the Mission Hills Resort offering ten tournament golf courses hotels and spa apartments complemented by a new 240,000 sq m centre with shopping, entertainment, cultural and dining attractions and a movie themed centre with six professional movie studios, cinema and numerous other entertainment facilities on a 930,000 sq m site.
The two new outlets in Mission Hills – one outlet is a 920 sq m and is located in the Mission Hills Lan Kwai Fong, the new retail complex and the other outlet of 531 sqm, is located in 1942 Street of Mission Hills Movie Town. The outlets will be opened in October of this year.
Kevin McCabe, Chairman of Scarborough commented, “These new outlets at Mission Hills in Haikou are a significant step for the expansion of Espuma café restaurants in China. Mission Hills is a great location for us with over thousands of visitors, both from the mainland and elsewhere across the Asia region, expected each year.”
Sainsbury's gets green light; constructon to commence on new £200 million Town Centre in South Wales Posted: 29th May 2014
Ben Littman, Sainsbury’s Development Manager for Wales, said: “We are delighted that our store will complement the new retail, leisure and housing to be built for the town. At our public information day in 2012, more than 95% of attendees said they wanted to see a Sainsbury’s in Talbot Green, so this is clearly popular with the local community.”
Mark Jackson, Managing Director of Scarborough Development Group, added: “Now that Sainsbury’s is committed to opening a new store, we can push on with our proposals for phase 2 of the development. Once complete, Talbot Green’s new town centre will become an important leisure and retail destination for the surrounding area.”
Andy Richardson, Head of UK Development for Valad Europe, commented: “Securing consent for the development of a Sainsbury’s store marks a significant milestone for the first phase of the Talbot Green development programme.”
New Thorpe Park proposals win full approval Posted: 30th Sep 2013
Leeds City Council yesterday gave the go-ahead for the new mixed-use proposals for Thorpe Park, Scarborough Development Group’s business park on the M1 in east Leeds.
The Council’s City Plans Panel supported the scheme last week. However, owing to last-minute objections from parties with interests in other retail assets in Leeds, it was decided that details of the planning conditions controlling Thorpe Park’s retail use would be deferred by a week to allow those objectors to make their case. The additional time was also used to refine the details of Thorpe Park’s public transport strategy.
At yesterday’s meeting the City Plans Panel voted to accept their Planning Officers’ recommendations that the retail conditions and the public transport provisions were acceptable.
Scarborough Development Group’s Managing Director, Mark Jackson, said: “The City Council needs to observe the most rigorous possible process in taking any decision, especially where projects of such scale and potential are proposed, which we fully support. We were pleased to comply fully with the Council’s balanced response to the last-minute objections.
“More importantly of course, we are very pleased now to be able to focus all of our energy on delivering the new Thorpe Park, the jobs it will create, the traffic and transport benefits it brings, and the much-needed new homes that it will enable”.
For further information, please contact:
Scarborough Development Group
Tel: 020 7127 9170
Jeremy Carey/Faye Walters
Tel: 020 7920 3150
Scarborough obtains planning consent for £400 million Thorpe Park expansion in Leeds Posted: 23rd Sep 2013
Scarborough Development Group (SDG), the property development division of Kevin McCabe’s Scarborough Group International, received a resolution, to grant outline planning permission yesterday from Leeds City Council for a £400 million expansion of Thorpe Park, on the M1 in east Leeds.
Responding to last minute objections from companies involved in Leeds city centre, however, the Councillors of the planning committee deferred final judgment on the detail of the retail planning condition to be attached to the planning consent until their next meeting on Thursday 26 September.
To date nearly 600,000 sq ft of business space has been built at Thorpe Park. The expansion will add up to 1.1 million sq ft of high-quality office space; a 97,000 sq ft food store; 97,000 sq ft of non-food retail; up to 175,000 sq ft of leisure space, including a hotel and sports facilities; and 45,000 sq ft of cafes, bars and restaurants. The end value of the additional space is expected to be in excess of £400 million.
The scheme also features 30 acres of parkland and green space, which will run through the scheme to link with Green Park, the new 113-acre public park to the west, which is being brought forward by SDG, in conjunction with Leeds City Council.
Consent was also granted for the Manston Lane Link Road, a key piece of road infrastructure linking the north east Leeds area, and the ‘East Leeds Extension’ housing allocation, to the M1. This will have a transformational effect upon the traffic management in the area and assist the delivery of up to 6,000 houses.
The development is expected to create up to 13,000 jobs, including 6,500 local employment opportunities for the Leeds city region.
Mark Jackson, Managing Director of SDG, said: “This is a very important milestone for us and an important day for the economy of East Leeds.
“The City Councillors have made it clear that this scheme is a once-in-a-generation opportunity for East Leeds. The scheme presented to the planning committee today is the product of working closely with the Council to achieve the right outcome for Leeds and the city region. We believe that with this new scheme Thorpe Park will offer a working environment unlike any other and contribute hugely to the economic prosperity of the area.
“This new direction for Thorpe Park will deliver benefits far beyond its boundaries, and we are pleased to be able to work with the City to achieve this.”
Thorpe Park is an important business park for both Leeds and the North of England, located just six miles east of Leeds City Centre with its own dedicated access off junction 46 of the M1. Among the 60 occupiers of the existing office space are IBM, National Grid, GE Capital, Vinci, BAM and United Utilities.
For further information, please contact:
Scarborough Development Group
Tel: 020 7127 9170
Jeremy Carey/Faye Walters
Tel: 020 7920 3150
Significant cash injection for Sheffield United FC Posted: 3rd Sep 2013
Sheffield United Football Club announces today that HRH Prince Abdullah bin Mosaad bin Abdulaziz Al Saud has become joint owner of the Club.
Prince Abdullah has secured a 50% interest in Blades Leisure Ltd, the holding company for Sheffield United FC, in return for which he will invest substantial new capital into the club with the aim of working with current owner Kevin McCabe and his family to achieve the Blades' return to the Premier League as quickly as possible.
The Prince becomes Co-Chairman with Kevin McCabe of Blades Leisure and Sheffield United.
Prince Abdullah, aged 47, is a grandson of the founder of the Kingdom of Saudi Arabia, King Abdulaziz. He is a passionate football supporter and is former President of Al Hilal FC, the largest and most successful club in Saudi Arabia. He is also Chairman of Saudi Arabia's Football Privatisation Committee.
Prince Abdullah is a prominent Saudi businessman and industrialist. He is the founder and Chairman of the publicly-listed Saudi Paper Manufacturing Group, the largest paper tissue manufacturer in the Middle East. He is active in other fields in the services and investments sectors in Saudi Arabia, and internationally. He travels extensively and works with other prominent businessmen from around the world to promote trade, goodwill and understanding through sport between Saudi Arabia and other countries.
Prince Abdullah said: "I am delighted to invest in such a sensibly-organised, family and community club with a great history and heritage. Joining Sheffield United FC at a time close to its 125th year in existence is significant to me and, like Kevin, I am determined to see it achieve its goals and look forward to working with the whole Blades community. However, money will be spent judiciously, and in any case we must comply with the Salary Cost Management Protocol."
Kevin McCabe said: "We are thrilled to be building this new partnership for Sheffield United with Prince Abdullah, who shares our vision for the Blades to join the top tier of English football. The McCabe family remains wholly committed and over the past 10 years has invested more than £90 million in rebuilding our fine and proud Club, which now has a top-class stadium, academy and junior development centre."
The boards will also see new directors in Abdulraham Bin Abdullah (the Prince's son), James Phipps (the Prince's principal advisor) and Selahattin Baki (a highly regarded Turkish businessman and General Manager of Premier Paper Converting Company, which manufactures consumer tissue paper products in Izmit, Turkey).
London and Dubai-based specialist consulting firm Forticap acted as the sole arranger for the transaction.
£15m proposals revealed for Brighton Road industrial estate Posted: 3rd Sep 2013
A car show room, petrol station, self-storage unit, supermarket and a drive-through restaurant are proposed to transform the site into an 11 acre retail park.
The medium-sized supermarket would have a shop floor of 25,000 sq. ft. and create around one hundred full and part time jobs.
The scheme would also see improvements made to the highway, and landscaping works carried out along the border of the site to enhance the view for local residents.
The local community and businesses are encouraged to come and see the plans at two public exhibitions which are being held at St Martin’s Church on Didsbury Road on Wednesday 11th September from 3-7pm and Thursday 12th September from 10am-2pm.
Scarborough’s development director, Lee Savage said: “We’d like to transform this run-down site into an attractive new retail park which will have significant economic benefits for the area.
“A number of the existing buildings are dilapidated beyond repair but this plan offers the opportunity to fully utilise the site again and create employment opportunities for local people at the same time.”
Following the consultation period Scarborough Development Group will submit an outline planning application later this year.
Pre-let opportunity at Buchanan Gate Posted: 29th May 2013
Buchanan Gate, which is soon to play host to the new 68,900 sq ft Scottish Water National Operations Centre, is situated adjacent to Junction 3 on the M80, a short ten minute drive from Glasgow city centre.
Set to be built and designed to the highest specifications, the HQ building, owned by Scarborough Group International, will span 40,000 sq ft over four levels. Designed for occupation as a headquarters or by multiple occupiers, the office building will boast an impressive reception area, excellent car parking provision, shower and cycle storage facilities and floor to ceiling windows. With 10,000 sq ft open plan floor plates, sub-divisible from 3,000 sq ft, the HQ building will offer highly flexible business space.
On completion, the building is set to achieve a minimum BREEAM rating of ‘Very Good’ with an Energy Performance Rating of B.
David Rolwegan, associate director at CBRE, said: “The Buchanan Gate Business Park is a prime development with some impressive existing occupiers including Barratt Homes, BAM, Premier Inn and Scottish Water, which is due to come on site over the next few months.
“The HQ building opportunity offers a highly prominent location within the Park which benefits from the fantastic transport links afforded by the M80, nearby Stepps railway station and bus connections.
“I’m confident this building will be of great interest to many businesses looking for a centralised, well connected hub in Scotland.”
William McAlister from Scarborough Group added: “Buchanan Gate Business Park is a thriving area with excellent access to Scotland’s entire central belt. It will be the ideal location for the HQ building, which is set to offer the highest quality of office accommodation.”
CBRE and Montagu Evans are the joint letting agents for the HQ building at Buchanan Gate Business Park.